Right now companies havent figured out how to handle this situation and are playing along. I'm sure, sooner or later tides will turn and either you'll be roped into coming to office or take a pay cut for working remotely. So enjoy while it last!!
I don't get your reasoning on why you expect that people will have to take a pay cut for working remotely. Would have thought it would be the opposite. Office space, hardware and energy cost a bit.
The negotiating power of a company, which is practically a group of people, is much higher than that of employees, which are just 1 person. A big company loses what? 0.00001% of its revenue if it doesn't hire the right person for a specific position? An employee loses 100% of their revenue if they don't get hired or get fired.
So companies can pretty much do what they want (up to a point where they cause uproar and those individuals to bunch up into a group fighting the company).